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HomeMy WebLinkAbout2302 ' ~ ~ 'r r; ~ _ . ~ 494455 N • 1 vvv / . a~IriG~~ MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPO4ITAN MORTGAGE CO., a Florida corportation. ~ W HEREAS. the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor to Mortgages u described below. To secure to the Mortgagee the performance by the Mortgagor of all his agreements set forth in this Mortgage and the Note. including the rcpaytntnt of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with the provisions of this Mortgage to protect the lien and aecunty thereof, and interat thereon, the Mortgagor does hereby mortgage. gent and convey to the Mortgagee the real property described below together with (a) all easements, rights, tenements, hereditaments. rents, iuues and picots appurtenant thereto; (b) all buildings, structura and improvements now or hereafter located upon said real property, (c)all of the following presently attached thereto: pi~ plumbing fixtures and equipment, electrical conduit and wwng and fixtures, heating and cooling and air conditiontrig equipment and fixtures, sprinkling and imgation equipment and fuitures, pumps, fences and awnings; and (d) range, oven and ' refrigerator presently upon the premises; all of the forcgofing are herein referred to as the "Property." To have and to hold the same onto the Mortgagee. its successors and assigns in.fee simple: The Mortgagor convenants that he is lawfully seized of the estate hereby convoyed and he has the right to mortgage, grant and convey the Property, that the Property is unencumbered except u may be below noted, and that the Mortgagor will warrant and defend the title to the Property agaiiist all clafims and demands. And the Mortgagor covenants and agrees as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges u provided therein. 2. To pay all taxes, assessments, charges, fines and other impositions of ~overnmentalauthority against the Property within sixty (60) days of when due or sixty (60) days prior to the same becoming delinquent, whfichever may first occur. 3. If it is noted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Pnor Mortgage(s) sums due on account of taxes and inisurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwise fully, promptly and completely keep and perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) amd the promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with ; the prior consent of the Mortgagee. ~ i 4. Not to apply to, request of, receive o~ accept from any holder of any Prior Mortgage any money, funds or things of value which would, ~ might or could be considered as am advance secured by the lien of such Pnor Mortgage. S. Not to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent; to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. If the Property is a condominium unit, the Mortgagor shall, promptly and completely perform all of his obligations under the declaraUOn of condominium and the condominium associauon's articles of incorportation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the pa t of all regular and spccfial assessments, the liens for which against the Property might or could have priority over the lien of this mortgage. if ttx Property is part of a planrfied unit development, the Mortgagor shall promptly comply with all provisfions of the declaration of covenants and ratrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents ottee planned unit development including the homeowners association's or fits equivalent's articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the lien f_or which against the Property might or could have pnonty over the Gen of this mortgage. 6. To keep all the Property insured u may be required from time to time by the Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for such periods and for not less than such amounts as may be reasonably required by the Mort gee and to pay promptly whom due all ppremiums for such insurance. The Mortgagor agrees to deliver renewal or replacement poGaes or artifi~cates therefor to the Mortgagee at kut fdteen (1 S) days prior to the expiration or anniversary date of the existing policies. The amounts of insurance required by the MortgageC shall be minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain i such additional insurance u may be necessary to meet and comply fully with allco-insurance requirements contained in said policies to the end that the Mortgagor is not a co-uuurcr thereunder. Insurance may be written by a company or companies apptovod by the Mortgagee (which ~ approval shall not be unreasonably withheld) and all policies and renewals shall be held by the Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which arc accepted b)r the Mortgagee and all agreements petween the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in wripng and shall be a part of this mortgagb agreement u fully u though set forth verbatim herein and shall govern both parties hereto. No liem upon any policy of insurance or upod arq? refund or return premium which may be payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior Mortgage or by properendorsememt affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgagee Clause Without Contribution making all loss or losses under such policy payable to the Mortgagee u it: interest mapp aPp~irt 16 Elie event any sum or sums of money become payable thercurgier the Mort~aga shall have t6p option to receive and apply the sithe on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiving or impairing any equity, Gen. or right under and by virtue of this mortgage. In the event of loss or physical damage to the Property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not promptly made 6y the Mortgagor. In the event of foreclosure of this mortgage or other transfer of title to the Property all right, title and interat of the Mortgagor in and_to tlle.inaurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenants and agreements contained in this mortgage, or if cbe Mortgagor fails to perform any drily or obligation arisiag under a Prior Mortgage (including the payment of principal and Jor interest, deposits on aceount of taxes and insurance premiums and late charges Even though the holder of the Prior Mortgage has made no demand thereunder and has not threatened any action in connection with the same), or J any action or proceeding is commenced which materially affects the Mortgagee's interats in the Property, including but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent, or if then; is an apparent abandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or parts of the sums necessary to bring the Prior Mortgage current, may make appearances, may enter upon and secure the Property, may disburse such other sums (including but not limited to the payment of insurance prcauums and taxes), and may take such other action u the Mortgagee reasonably deems necessary or advisable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of sixteen (16~) per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in venting to some other terms of payment, such amounts shall be payable immediately. Nothing fin this paragraph shall require the Mortgagee to incur any expense, make any disbursement or take any action whatever. 8. AU proceeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by ~ eminent domain of the Property or any part tnercof, or for conveyancx in lieu of condemnation or eminent domain arc hereby suigned and shall ~ _ be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds recxived by the Mortgagee shall be applied to the sums secured by this mortgage without imposition of any prepayment charge, and (b) the application of proceeds shall not extend or postpone the sue date of installments of principal and finterest or change the amounts thereof. , 9. Any forbearance by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by appliabk law shall not be a waiver of or precludc4the exercise of such nght or remedy. The procurement otinsuranoe or the payment of taxes or other liens or charges or the payment of sums under a Prior Mortgage by the Mortgagee shall not be a waiver of the Mortgagee's right to aocekrate the matunty of the indebtedness secured by this mortgage. All remedies provided in this mortgage arc distinct and cumulative to any other nght or remedy under thle mortgage oc afforded by law or equity and may be exercised concurrently, independently or successively. 10. To pay all costltcharges and expenses including attorney's foes (whether or not litigation occurs and if it does then those on appellate u ~ well u trial bvel) and abstract cosu reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the ~ Mortgagor to perform, comply with and abide by all of his covenants set forth in this mortgage and/ or the Note and/ or Prior Mortgage(s) and . the pror±tissory note(s) secured thereby. I1. The Mortgagee ism licensed mortgage broker under Chapter 494, Florida Statutes. ~ P~~i~~ BLIi Rev., 3 oPrcpared by Stanley H. Spick i ~t~rfiZey, 4700 &~cayae Boulevard, Miami, Florida 33137 .i d s5 - _ Via`' a